iCrowdNewswire Jan 7, 2021 11:32 AM ET
Market Research Future (MRFR), in its newly published research report, emphasizes that the global electric axle drive systems market 2020 is flourishing and expected to grow exponentially over the review period, recording a substantial market valuation up to USD 8.3 billion by 2023 and a healthy 12.31% CAGR in the review period.
Drivers and Restraints
The rise in the inclination for SUVs and other passenger cars have driven the growth of the electric axle drive market. The upsurge in vehicle production at the global level favors the global electric axle drive market. The need for the global electric axle drive market is signifcantly driven by the automotive industries. The axle is used in numerous vehicles as a part of electrification. The need for the automotive electric axle drive market is fueled by global vehicle production and technological advancement. The companies focus on the longer product life cycle, lightweight vehicles, cost advantages, and comfort level for the customers. The growing trend forcing the manufacturers to opt for the newest technology drives the global electric axle drive market in the forecast period. Furthermore, due to the advent of electric axle drive, the manufacturers offer minimum power losses, which otherwise could be caused by mechanical actions. The macroeconomic factors such as high spending power of the customers, standardized lifestyle, governmental rules, and regulation for the automakers all positively impact the demand for the electric axle drive market.
MRFR profiled key global Electric Axle Drive Systems Market players. They are:
The major market players in the global electric axle drive market as identified by MRFR areRobert Bosch GmbH (Germany), American Axle & Manufacturing Holdings, Inc.(U.S.), ZF Friedrichshafen AG (Germany), GKN Plc (U.K.), Schaeffler Technologies AG & Co. KG (Germany), Magna International Inc. (Canada), Continental AG (Germany), Borgwarner Inc. (U.S.), Bonfiglioli Riduttori S.P.A. (Italy), and Ziehl Abegg SE (Germany).
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The global market is analyzed on the basis of system type and vehicle type.
On the basis of the system, the market is bifurcated into electric systems and hybrid-electric systems.
On the basis of vehicle type, the electric axle drive market is segmented into passenger cars, light commercial vehicles, and heavy commercial vehicles.
The geographical analysis of the global market has been conducted in four major regions, including the Asia Pacific, North America, Europe, and the rest of the world (Latin America, the Middle East, and Africa).
The Asia Pacific is slated to gain traction in the review period owing to the rise in sales for the vehicles, substantial demand for aftermarket components, and a strong presence of OEM. The Asia Pacific is thus poised to secure a notable CAGR in the forecast period. The need for the electric axle drive market from the Western European countries creates the potential market for the electric axle drive market. The Asia Pacific region is projected to lead the electric axle drive systems market owing to augmented electric car sales in countries such as China, South Korea, Japan, and India. Many countries in the region are rapidly adapting to the advent of electric cars as they are less polluting and has reduced environmental impact. This further enables them to tackle pollution emission problems and is also motivated by the generous tax systems for electric cars. North America and Europe region closely follow the Asia Pacific region in the adaptation of electric vehicles. The electric vehicles are increasingly becoming cheaper in these regions and are on par with the conventional gasoline vehicles for performance and range.
Key Questions Addressed by the Report
- What was the historic market size (2020)?
- Which segmentation (Product/ Capacity) is driving market?
- What will be the growth rate by 2023?
- How are the key players in this market?
- What are the strategies adopted by key players?
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TABLE OF CONTENT
1 Executive Summary
2 Research Methodology
2.1 Scope Of The Study
2.1.2 Research Objective
2.2 Research Process
2.2.1 Primary Research
2.2.2 Secondary Research
2.3 Market Size Estimation
2.4 Forecast Model
3 Market Dynamics
3.1 Market Drivers
3.2 Market Inhibitors
3.3 Supply/Value Chain Analysis
3.4 Porter’s Five Forces Analysis
4 Global Electric Axle Drive Systems Market, By Technology
4.2 Electric Systems
4.3 Hybrid Electric Systems
List Of Tables
Table 1 Global Electric Axle Drive Systems Market, By System Type
Table 2 Global Electric Axle Drive Systems Market, By Vehicle Type
Table 3 Global Electric Axle Drive Systems Market, By Regions
Table 4 North America Electric Axle Drive Systems Market, By System Type
Table 5 North America Electric Axle Drive Systems Market, By Vehicle Type
Table 6 U.S. Electric Axle Drive Systems Market, By System Type
Table 7 U.S. Electric Axle Drive Systems Market, By Vehicle Type
Table 8 Canada Electric Axle Drive Systems Market, By System Type
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